Market Size of Generator Sets Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Generator Sets Market Analysis
The generator sets market is expected to register a CAGR of more than 6.5% during the forecast period.
The outbreak of COVID-19 had a negative effect on the market. Currently, the market has rebounded to pre-pandemic levels.
- Factors such as the ever-increasing demand for power, the lack of reliable grid infrastructure, the need for emergency backup power solutions, and the demand for steady power supply are driving the generator set market. Moreover, the growing energy demands from the burgeoning manufacturing industry are expected to provide greater market opportunities for generators.
- However, factors such as high installation and operating costs, consumer preference for eco-friendly alternatives (like solar, fuel cells, etc.), and overcapacity are restraining the market's growth during the forecast period.
- The commercial and industrial sectors of emerging economies, the residential sector of developed economies, and the increasing need for power in defense operations are expected to create significant opportunities for market participants in the near future.
Asia-Pacific accounted for the largest share of the market in 2022, with the majority of the demand coming from countries such as China and India.
